Preliminary data on money supply released by NBP on 14 October 2013 indicate a minor reduction in the money stock in September. Monetary aggregate M3 amounted to PLN 947.3bn at the end of September, which represented a fall of 0.3 per cent in nominal terms on the end-of-August figure. The volume of cash in circulation shrank by 0.8 % to PLN 113.2bn.

At the same time bank deposits of households also decreased. Adjusted for non-transaction-related changes, including in particular changes in the exchange rate of the zloty, deposits of individuals diminished in real terms by PLN 0.2bn, to PLN 530.9bn.

Bank lending accelerated a bit more than in the previous months. In nominal terms, lending to households grew by PLN 4.8bn, but – as NBP analysts note – out of this amount approximately PLN 2.0bn represented the portfolio of claims bought by one of the banks from an entity outside the banking sector. Bank debt of individuals reached PLN 560.8bn at the end of September.

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